Exercise 6-4 Riverbed Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Riverbed's purchases of Xpert snowboards during September is shown below. During the same month, 322 Xpert snowboards were sold. Riverbed's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 61 HK$973 HK$ 59,353 Sept. 12 Purchases 120 1,032 123,840 Sept. 19 Purchases 53 1,062 56,286 Sept. 26 Purchases 117 1,136 132,912 Totals 351 HK$372,391 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$

Exercise 6-4 Riverbed Boards sells a snowboard, Xpert, that is popular with snowboard enthusiasts. Information relating to Riverbed's purchases of Xpert snowboards during September is shown below. During the same month, 322 Xpert snowboards were sold. Riverbed's uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 61 HK$973 HK$ 59,353 Sept. 12 Purchases 120 1,032 123,840 Sept. 19 Purchases 53 1,062 56,286 Sept. 26 Purchases 117 1,136 132,912 Totals 351 HK$372,391 (a) Compute the ending inventory at September 30 and cost of goods sold using the FIFO and average-cost methods. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to 0 decimal places, e.g. 125.) FIFO Average-Cost The ending inventory at September 30 HK$ HK$ Cost of goods sold HK$ HK$ (b) For both FIFO and average-cost, calculate the sum of ending inventory and cost of goods sold. (Round per unit cost to 3 decimal places, e.g. 15.125 and final answers to O decimal places, e.g. 125.) FIFO Average-Cost The sum of ending inventory and cost of goods sold HK$ HK$

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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